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The S&P Wants to Rally, but Headline Risk Remains
We get Tesla and Netflix earnings tonight.
Danny Riley
October 18, 2023
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Our View
Positive seasonal patterns are fighting back against the Israeli invasion of Gaza. When this happens, the market's happy face can sink fast.
Like I said yesterday, the S&P and Nasdaq hate uncertainty and that's where we are today. And you can see the way the market (and the algos) react to the midday headlines too.
I personally think this was all thought out…let Hamas attack Israel, lure the Israelis into Gaza, bring in the Hezbollah and Iran, and draw in the United States with it. This is the risk floating around in the markets right now.